Restriction on Dividends and Repurchases. So long as the Series G Preferred Stock is outstanding, neither the Company nor any subsidiary of the Company shall, without the consent of the Investor: (a) declare or pay any dividend or make any distribution on the Common Stock other than (i) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement and (iii) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan; or (b) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (ii) redemptions, purchases or other acquisitions of the Series G Preferred Stock, (iii) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iii) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensation; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (iv) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (v) the acquisition by the Company or any of the subsidiaries of the Company of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 4 contracts
Samples: Purchase Agreement, Master Transaction Agreement, Purchase Agreement (American International Group Inc)
Restriction on Dividends and Repurchases. So long as (a) Prior to the Series G earlier of (x) the third anniversary of the Closing Date and (y) the date on which the Preferred Stock is outstandingShares have been redeemed in whole or the Investor has transferred all of the Preferred Shares to third parties which are not Affiliates of the Investor, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ ' rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockShares, (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of capital stock of the Company for resale pursuant to an offering by the Company of such capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ ' rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, and (viG) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viG), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement Signing Date or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.subsequent
Appears in 3 contracts
Samples: Securities Purchase Agreement (Community Bank Shares of Indiana Inc), Securities Purchase Agreement (Community Bank Shares of Indiana Inc), Securities Purchase Agreement (Community Bank Shares of Indiana Inc)
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) February 13, 2012, or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to February 13, 2009 as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan (including the Tax Benefit Preservation Plan) and (D) dividends or a tax asset protection plandistributions of rights in the Warrant Offering, in accordance with the terms set forth on Schedule 5.7(a)(D)); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (ii) redemptions, purchases or other acquisitions of the Series G Preferred Stock, (iiiA) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiA) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (iv) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (v) the acquisition by the Company or any of the subsidiaries of the Company of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.,
Appears in 2 contracts
Samples: Exchange Agreement, Exchange Agreement
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) December 31, 2011 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.7(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, (G) the Other Transactions, and (viH) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or of trust preferred securities of the Company or an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viH), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.prior
Appears in 2 contracts
Samples: Exchange Agreement (Hampton Roads Bankshares Inc), Exchange Agreement (Hampton Roads Bankshares Inc)
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) November 21, 2011 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.7(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, (G) the Other Transaction, and (viH) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities of the Company or an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viH), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement hereof or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(bStock (clauses (C) shall not be deemed to affect and (F), collectively, the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company“Permitted Repurchases”). “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with United States generally accepted accounting principles in the United States(“GAAP”), and as measured from the date of the Company’s most recently filed consolidated financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Restriction on Dividends and Repurchases. So long as the Series G Preferred Stock is outstanding, neither the Company nor any subsidiary of the Company shall, without the consent of the Investor:
(a) declare or pay any dividend or make any distribution on the Common Stock other than (i) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement and (iii) dividends or distributions 13 (NY) 07865/002/TARP/2010/Amended.SPA.doc of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan; or
(b) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (ii) redemptions, purchases or other acquisitions of the Series G Preferred Stock, (iii) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iii) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensation; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (iv) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (v) the acquisition by the Company or any of the subsidiaries of the Company of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Samples: Master Transaction Agreement
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) December 5, 2011 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.7(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, (G) the Other Transactions (including, for the avoidance of doubt, the conversion of the Company’s Series B Shares and Series D Shares (in each case, as defined in the Investment Agreement) in accordance with their respective terms), and (viH) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities of the Company or an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viH), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement hereof or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) December 5, 2011 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.7(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) any redemption purchases or repurchase other acquisitions by a broker-dealer subsidiary of rights pursuant to any stockholders’ rights plan the Company solely for the purpose of market-making, stabilization or tax asset protection plan, (v) the acquisition by customer facilitation transactions in trust preferred securities of the Company or any an Affiliate of the subsidiaries of the Company of record ownership in Company, Junior Stock or Parity Stock for in the beneficial ownership ordinary course of any other persons its business, (other than the Company or any other D) purchases by a broker-dealer subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion Company of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by or capital stock of the Company or an Affiliate of the Company for or into Parity Stock (with resale pursuant to an aggregate liquidation amount not in excess of offering by the aggregate principal amount Company of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued or capital stock underwritten by the Company such broker-dealer subsidiary, (E) any redemption or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.repurchase
Appears in 1 contract
Restriction on Dividends and Repurchases. So long (a) Until such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement, including any Exchange Common Shares, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than $0.01 per share, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) other than in connection with the transactions contemplated by the Transaction Outline, redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than than
(i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockTruPs Exchange Securities, (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, and (viG) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities of the Company or an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viG), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement Signing Date or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(bStock (clauses (C) shall not be deemed to affect and (F), collectively, the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company“Permitted Repurchases”). “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United StatesGAAP, and as measured from the date of the Company’s most recently filed consolidated financial statements of the Company and its consolidated subsidiaries prior to the Private Exchange Offer Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Samples: Exchange Agreement (Citigroup Inc)
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) December 12, 2011 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.6(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) any redemption purchases or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (v) the acquisition other acquisitions by the Company or any of the subsidiaries a broker-dealer subsidiary of the Company of record ownership in Junior Stock or Parity Stock solely for the beneficial ownership purpose of any other persons (other than the Company market-making, stabilization or any other subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying customer facilitation transactions in trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.Junior Stock or
Appears in 1 contract
Restriction on Dividends and Repurchases. So long (a) Until such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than $0.01 per share, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) other than in connection with the transactions contemplated by the Transaction Outline, redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockTruPs Exchange Securities (which purchases shall be made on a pro rata basis, as provided in Section 4.9(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, and (viG) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities of the Company of an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viG), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement Signing Date or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(bStock (clauses (C) shall not be deemed to affect and (F), collectively, the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company“Permitted Repurchases”). “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United StatesGAAP, and as measured from the date of the Company’s most recently filed consolidated financial statements of the Company and its consolidated subsidiaries prior to the Private Exchange Offer Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Samples: Exchange Agreement (Citigroup Inc)
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) January 16, 2012 or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to October 14, 2008, as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement Stock and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or a tax asset protection plan); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (iiA) redemptions, purchases or other acquisitions of the Series G Preferred StockCapital Securities (which purchases shall be made on a pro rata basis, as provided in Section 5.7(b)), (iiiB) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiB) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivC) purchases or other acquisitions by a broker-dealer subsidiary of the Company solely for the purpose of market-making, stabilization or customer facilitation transactions in trust preferred securities of the Company or an Affiliate of the Company, Junior Stock or Parity Stock in the ordinary course of its business, (D) purchases by a broker-dealer subsidiary of the Company of trust preferred securities or capital stock of the Company or an Affiliate of the Company for resale pursuant to an offering by the Company of such trust preferred securities or capital stock underwritten by such broker-dealer subsidiary, (E) any redemption or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (vF) the acquisition by the Company or any of the subsidiaries of the Company Subsidiaries of record ownership in Junior Stock, Parity Stock or Parity Stock trust preferred securities of the Company or an Affiliate of the Company for the beneficial ownership of any other persons (other than the Company or any other subsidiary of the CompanyCompany Subsidiary), including as trustees or custodians custodians, (G) the Other Transactions, and (viH) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Stock or of Parity Stock or trust preferred securities of the Company or an Affiliate of the Company for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (viH), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement hereof or any subsequent agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(bStock (clauses (C) shall not be deemed to affect and (F), collectively, the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company“Permitted Repurchases”). “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with United States generally accepted accounting principles in the United States(“GAAP”), and as measured from the date of the Company’s most recently filed consolidated financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.
Appears in 1 contract
Restriction on Dividends and Repurchases. So long (a) Until the earlier of (i) January 9, 2012, or (ii) such time as the Series G Preferred Stock is outstandingInvestor ceases to own any debt or equity securities of the Company or an Affiliate of the Company acquired pursuant to this Agreement or the Amended Warrant, neither the Company nor any subsidiary of the Company Subsidiary shall, without the consent of the Investor:
(ai) declare or pay any dividend or make any distribution on the Common Stock (other than (iA) regular quarterly cash dividends of not more than the amount of the last quarterly cash dividend per share declared or, if lower, publicly announced an intention to declare, on the Common Stock prior to January 9, 2009 as adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction, (B) dividends payable solely in shares of Common Stock, (ii) the dividend of warrants contemplated by Section 9.04 of the Transaction Agreement and (iiiC) dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan (including the Tax Benefit Preservation Plan) and (D) dividends or a tax asset protection plandistributions of rights in the Rights Offering, in accordance with the terms set forth on Schedule 5.7(a)(D)); or
(bii) redeem, purchase or acquire any shares of Common Stock or other capital stock or other equity securities of any kind of the Company, or any junior subordinated debentures underlying trust preferred securities issued by the Company or any Affiliate of the Company, other than (i) redemptions, purchases or other acquisitions of any such securities held by the Investor, (ii) redemptions, purchases or other acquisitions of the Series G Preferred Stock, (iiiA) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock, in each case in this clause (iiiA) in connection with the administration of any “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974) plan in the ordinary course of business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice or to satisfy applicable tax withholdings with respect to employee equity-based compensationpractice; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution Amount, (ivB) any redemption purchases or repurchase of rights pursuant to any stockholders’ rights plan or tax asset protection plan, (v) the acquisition other acquisitions by the Company or any of the subsidiaries a broker-dealer subsidiary of the Company of record ownership in Junior Stock or Parity Stock solely for the beneficial ownership purpose of any other persons (other than the Company market-making, stabilization or any other subsidiary of the Company), including as trustees or custodians and (vi) the exchange or conversion of (A) Junior Stock for or into other Junior Stock, (B) Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock or (C) junior subordinated debentures underlying customer facilitation transactions in trust preferred securities issued by the Company or an Affiliate of the Company for or into Parity Stock (with an aggregate liquidation amount not in excess of the aggregate principal amount of such debentures so exchanged or converted) or Junior Stock, in each case set forth in this clause (vi), solely to the extent required pursuant to binding contractual agreements entered into prior to the date of the Existing Series F Purchase Agreement for the accelerated exercise, settlement or exchange thereof for Common Stock. This Section 3.10(b) shall not be deemed to affect the ability of the Company to redeem, purchase, acquire or exchange its junior subordinated debentures that do not underlie trust preferred securities issued by the Company or an Affiliate of the Company. “Share Dilution Amount” means the increase , Junior Stock or Parity Stock in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the date of the Company’s most recently filed financial statements of the Company and its consolidated subsidiaries prior to the Closing Date) resulting from the grant, vesting or exercise of equity-based compensation to employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction.ordinary course of
Appears in 1 contract
Samples: Exchange Agreement (Central Pacific Financial Corp)